Lebanon’s area is grade170th in the world (CIA, 2014). It is portable than the size of Connecticut, one of the smallest states in in America .Also, Lebanon is one of the few representative countries in the Middle East region. In respect of its economy, Lebanon is a free marketing economy and has a very long oral history of laissez-faire economics. In addition to its coastal location on the Eastern Mediterranean coast, Lebanon is examine as the central ‘window’ of the Middle East to Europe, North Africa, and the rest of the world. Because of this, its economy has gone between some very prosperous times and was even once called the ‘Paris’ of the Middle East before the nation’s 15 year-long bloody civil war which ended in 1990 Boostartbd.
Also, even though Lebanon is tiny, it is also one of the most diverse country in the world. Christians, Muslims, Druze, and other minority sects are spread all over the small nation and even Lebanon’s political arrangements based on sectarian power sharing.
Even though, this diversity had played a essential role in the nation’s topic.his diversity was a imperative condition of the country’s sectarian civil war and currently plays an important role in its political paralysis, although other factors (in the main foreign) are to blame as well. There is currently no acting President and the country’s rival political parties keep bickering and intercept rather than facilitating the country’s growth.
In addition, The World Travel & Tourism Council estimated that the travel & tourism precinct in Lebanon contributed over $4 billion dollars in 2013 (World Travel & Tourism Council, 2014).
The sad political realities of the country have importantly hurt the country’s economy. Also, since Lebanon is a service-based economy, this specific sector has taken the largest hit.
Tourism plays a outstanding role in the nation’s economy. According to the Lebanese Department of Economizing & Trade (MOET), “Tourism has long been one of Lebanon’s straight economic sectors” (Economic Research Unit, 2010).
Additionally, The World Travel & Tourism Council estimated that the travel & tourism sector in Lebanon give over $4 billion dollars in 2013 (World Travel & Tourism Council, 2014).
The travel & tourism sector made up about 10% of the economy in 2012 but that share unhand to 9% in 2013 (ibid, p. 14).This is due to the political circumstance in the country as well as some other ingredient. As well, the number of tourist arrivals in the country kept reduce from 2011 to 2013 Boostartbd.
Since the tourism industry has been somewhat struggle in the past few years, the room for error becomes very small for businesses in this manufacturing. The political & economic situations are compress tourist-relate (TR) businesses in Lebanon. This means that these businesses are forced to do more to make up for enlarge losses (or decreasing profits) and with fewer wealth. There is no telling when the political & economic situation in Lebanon will improve principally since the civil war in nearest Syria shows no signs of abating.
There are many ways that Lebanese TR businesses can adapt during these times such as execute downsizing policies and cutting back on marketing & advertising statement. When economic recessions and tough times affect businesses, the first things to get remove are usually marketing budgets. But especially since TR profession need to do more marketing to make up for lost businesses, this may not be a good project.
One solution to this problem is to take advantage of Social Media Marketing plan since they cost little to no asset, perfect for the current economic situation in Lebanon. Social media marketing allows TR businesses to overcome obstacles of limited budgets and diminish business.